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Cash cows sold, cash guzzlers remain: Rocky ride ahead for Chandra's Essel

Analysts say the group is now largely left with cash guzzlers like Dish TV, Zee Media, Siti Networks, Shirpur Gold, and Essel Infraprojects

Topics
Essel Group | Subhash Chandra | Essel Group Zee Entertainment

Krishna Kant & Dev Chatterjee  |  Mumbai 



Subhash Chandra
Subhash Chandra

Essel Group, led by media mogul Subhash Chandra, is in for a rocky ride after losing control over two of its biggest cash cows — Zee Entertainment and Essel Propack. Both accounted for the bulk of the group combined post-tax profits last financial year and were debt-free on a net basis, unlike the rest, shows an analysis of its financials.

Five years ago, has passed on the control of the specialty packaging major -Essel Propack to his younger brother Ashok Goel as part of the family arrangement. A profitable and significant cash generator, Essel Propack was acquired by American private equity major Blackstone. Blacksote acquired majority stake in the company earlier this year for around Rs 2,200 crore.

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First Published: Fri, December 06 2019. 00:53 IST

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